Binomo Blocked Account
After being established in 2014, Binomo has developed into one of the most popular online brokers worldwide. Today, it attracts over 1,000,000 active traders and handles around 30,000,000 successful trades every week.
With the number of registered users constantly rising, there'll also be many people who want to misuse the platform. To prevent this, the broker can block a suspicious user account and avoid fraudulent activities. Therefore, if you find yourself locked out of your account, there should be a legitimate reason for your ban.
And now we know how it established its trust among users - Binomo is strictly against trading malpractices. The trading platform makes sure their traders read and follow the guidelines mentioned in the client agreement. Consequently, it helps to maintain the quality of users in Binomo.
In this article, you'll learn about the common reasons Binomo could block a user's account, how to unblock, and more.
Binomo don't just block accounts without any reason, moreover we have done a complete Binomo review to make sure its a liable trading platform.
Common Reasons for Blocked Account in Binomo
To keep their platform secure, Binomo has to block accounts that haven't followed the guidelines. Here are some common reasons why Binomo could ban your account:
#1. Using Someone Else's Payment Methods
Traders must use their bank cards or e-wallet to deposit or withdraw money from the Binomo account. On top of that, the trading platform will ask its users to verify their payment methods to ensure they aren't using someone else's money.
Since Binomo is an online broker with a massive user pool, some may want to take undue advantage and use it for money laundering and other illegal activities. Therefore, using the payment details of another person may cause the blockage of your account.
To explain, traders must refrain from using a relative's or a friend's bank card and other payment methods. Doing so will raise red flags in the system, and the Binomo legal team will look into the matter. Meanwhile, traders won't gain access to their accounts until the issue has been resolved. All in all, make sure to use your debit/credit card to deposit money in Binomo and avoid any trouble later.
#2. False Account Information
While signing up for Binomo, users are requested to provide legitimate information about themselves. But, if the traders have purposely given false personal data, their account will be suspended until the issue is resolved.
It's because Binomo is in a lucrative industry with people looking to make quick money. There have been multiple instances where users have provided false information to continue trading on the platform.
Therefore, the data users provide must be accurate and legitimate. In other words, you cannot give false information about your name or date of birth during verification. Otherwise, Binomo has complete authority to ban and prevent deposits or withdrawals from the account.
#3. Account Verification
Traders must verify their accounts to continue carrying out transactions in the future. The process includes verifying their email and phone number at the time of registration if they wish to create an account and make a deposit.
Consequently, Binomo will ask users to verify their identity when making a withdrawal request. After that, they can head to the verification page on the website or application to initiate the process themselves.
Users can't withdraw money from the platform unless they submit and verify their documents. These include submissions of the account owner's passport or driver's license and the bank card linked by them.
If they fail to provide the documents required in the verification process, they can't use the Binomo account.
#4. Multiple Accounts
Traders aren't allowed to own multiple Binomo accounts. Here is how it is; the company's policy states that one person can only open one real account. In other words, traders can only use one email id, phone number, identity card, and one bank account while registering on Binomo. Overall, the information given must be accurate.
Additionally, Binomo strictly follows a one-time registration rule for every user's information while signing up. For instance, users can only link an email id or bank details to one account. The trading platform will not permit them to register the same information on another account.
If you've opened more than one account, you'll lose access to them as it's against the rules. However, if you want to create a brand-new account, it's compulsory to delete the older one.
#5. Using Technical Vulnerabilities
If users exploit any technical vulnerabilities by using unofficial extensions, plugins, or automated trading systems or bots, Binomo will block their account.
Binomo created this rule as a preventive measure because these actions often resulted in the loss of the trader's funds. As a result, users should stick to the wide range of analytical tools available on the platform and not resort to using illegal schemes and tricks to be more successful.
#6. Suspicious Activities
If Binomo detects any odd or suspicious activities on your account, it'll immediately get blocked for security purposes. For instance, persistent depositing large sums of money and spamming while trading could be considered suspicious by Binomo.
Likewise, moderators will look into if the number of transactions suddenly increases for an inactive trading account and take necessary action. Also, an account can be blocked if users start making trades with short holding periods leading to frequent and significant losses.
In such cases, the Binomo team will inspect the activities made by the account and give the appropriate punishment. But, the user's trading account will remain blocked until the investigation is completed.
#7. Being a Resident of Banned or Restricted Countries
Binomo is amongst the renowned online trading brokers worldwide. But, since it deals with binary options, the application is banned in countries like the USA, Russia, Japan, Australia, Canada, and those participating in the European Union.
In these countries, the regulators view binary options as a form of gambling and are therefore banned. In other words, traders who reside or have citizenship in any of the countries mentioned above will have their Binomo account blocked.
As a result, some users have relied on VPN to switch their IP location and access Binomo virtually. A VPN is a virtual proxy network that allows users to spoof their location.
Although it's an effective strategy and has worked in some cases, Binomo's strict verification policy can identify these users; and ban them from the platform permanently.
Unblocking your Binomo Account
Traders shouldn't panic if their Binomo account has been blocked even though they've followed all the steps and fulfilled the requirements correctly. The platform won't ban any account without a proper reason.
Blocking an account without any reason is illegal, and doing so could cause legal problems to Binomo. Moreover, the platform will help you troubleshoot any issues related to banned accounts. Before you ask for help from the support team, let us show you some quick fixes to unblock your Binomo account.
#1. Use Correct Credentials
The most common reason users get locked out of their accounts is that they enter incorrect login information. Many will enter their details impatiently and may end up inputting the wrong username or information.
Constantly typing the wrong login details will lead to your account getting blocked. Though users don't need to worry too much, contacting the support team will help resolve this issue quickly.
However, make sure you type the correct login credentials. Also, check if the "Caps Lock" option is set to your preference as passwords are case-sensitive.
#2. Checking Email For Information
Binomo won't block an account without any proper reasoning. Consequently, the trading platforms will instantly send a mail to your registered email id explaining the reason and circumstances of your suspension.
What's best, they will also provide a solution regarding getting back your account. Therefore, if you've been suspended, the first thing you should do is check the email linked to your Binomo account.
For instance, if Binomo blocks an account due to suspicious activity, the email will inform the user about their account history and why they got banned. Additionally, the message will guide the users about what they should do to help them unblock their accounts.
If you don't see an email from Binomo in the inbox, make sure to check the spam folder thoroughly.
#3. Contact Binomo Support Via Email or Phone Number
In rare cases, Binomo may not send a message to your email after they block your account. Then, the only option is to contact the support team for help. Binomo has a vast number of customer support professionals that continue working round the clock to assist their clients.
The Binomo support team provides quick solutions and is available 24/7 through their chat system, email, and several phone numbers. Users can send an instant support ticket to the Binomo support team using the chat feature.
To contact Binomo support through email, users should message firstname.lastname@example.org from the email they have used to make their account.
The support team is always available and provides users with the qualified and swift assistance they require. For instance, if your account is blocked due to improper documents, contact the phone number or email and submit your documents. After that, the Binomo support team will immediately start working on unblocking your account.
How to Block Your Binomo Account?
If users don't want to continue trading on Binomo, they can block their account by following these instructions:
But, think twice before blocking your account because users can't log back in after closing it.
Can You Make a New Account after Blocking Your Old One?
Yes, users can make a brand-new Binomo account, but they will have to go through the registration and verification process again. Also, they can't use their blocked Binomo account email to make a new account. Instead, they have to use another email unassociated with Binomo in the past.
Remember that this only applies to users that have blocked a Binomo account on their own. If the trading platform has banned a trader previously, they risk losing access to Binomo during the verification process.
Can I Re-Open a Blocked Binomo Account?
Yes, traders can re-open their blocked Binomo accounts. After going through the process of closing their account, they'll receive an email with an option to re-open it.
In rare cases where they haven't received such an email or if they've already deleted it, you can contact Binomo support via email@example.com to re-open your blocked Binomo account.
Binomo is a well-reputed trading platform with a user base of over thirty million users. The broker is known for its innovative features, giving users the smoothest trading experience.
Hence, if you find your Binomo account blocked, there's no need to panic. The broker will always provide users with a valid reason for banning their accounts. Moreover, the support team at Binomo is always willing to help users resolve their issues and get their accounts unbanned.
Make sure to practice fair trading and verify your documents to enjoy a smooth trading experience with Binomo.